How to Pay Advance Tax Online or Offline?

How to Pay Advance Tax: The procedure to deposit advance tax is similar to income tax. Advance tax is itself an income tax. We call it advance tax as we deposit in in advance before the due date of income tax. So the procedure is the same as income tax. After calculation of advance tax, … Read more

Advance Tax Payment Due Dates *F.Y.2022-23 A.Y.2023-24*

Advance Tax Payment Due Dates FY 2022-23: Advance Tax is pre-paid tax by the assessee on the income earned during the year. In simple words, you can say that assessee has to pay taxes in advance on the estimated income during the year in instalments for the individual assessee, companies and corporate assesses. For example, … Read more

Who is Liable to Pay Advance Tax? (A.Y. 2023-24)

Taxpayers are required to pay advance tax on their income which they expect to earn during the current year. For example, for the financial year 2022-23/the assessment year, 2023-24 advance tax is payable in instalments during 2022-23 itself.  All the persons whether the individual, firm, company or cooperative society will pay income tax in advance … Read more

Interest for Default in Payment of Advance Tax (Section 234B)

Section 243B: Section 234B provides for levy of interest for default in payment of advance tax. The interest under section 234B will be levied on the assessee for two reasons (i) when the taxpayer has failed to pay advance tax (ii) when the advance tax paid by the taxpayer is less than 90% of assessed tax/calculated … Read more

Waiver & Interest on Excess Payment of Advance Tax

As we are liable to pay interest u/s 234A, 234B and 234C for late payment or non payment of advance tax. In the similar manner the Government is also liable to pay interest if we pay advance tax more than due. But there is huge difference of interest rate in the case of Government liability. … Read more

How to Calculate Advance Tax?

How to calculate advance tax:  Advance tax calculation is very simple as every layman can do it without difficulty. First of all, you should know that advance tax is paid in installments as we have discussed in previous article. Secondly, you should know that are you liable to pay advance tax, if yes, then this … Read more